Boustead secures RM44m defence ministry contract

KUALA LUMPUR: Boustead Heavy Industries Corp Bhd's associate company Boustead Naval Shipyard Sdn Bhd has received a contract from the Ministry of Defence Malaysia worth RM44.77mil.

According to a filing with the stock exchange, the contract is for the mainenance and upgrading of a Royal Malaysian Navy vessel's combat management system.

The group said the contract is expected to contribute positively to its earnings for the financial year ending Dec 21, 2018.

At 5pm on Tuesday, Boustead Heavy Industries fell six sen or 3.33% to RM1.74 a share on a low volume of shares done.